Exhibit 99.2

EMPIRE STATE
REALTY TRUST
Supplemental Operating
and Financial Data
December 31, 2022

Fourth Quarter 2022

Table of Contents	Page
Summary
Company Profile		3
Highlights		4
Selected Property Data
Property Summary Net Operating Income		5
Same Store Net Operating Income (“NOI”), Initial Cash Rent Contributing to Cash NOI		6
Leasing Activity		7
Property Detail		9
Portfolio Expirations and Vacates Summary		10
Tenant Lease Expirations		11
Largest Tenants and Portfolio Tenant Diversification by Industry		13
Capital Expenditures and Redevelopment Program		14
Observatory Summary		15
Financial information
Condensed Consolidated Balance Sheets		16
Condensed Consolidated Statements of Operations		17
FFO, Modified FFO, Core FFO, FAD and EBITDA		18
Consolidated Debt Analysis
Debt Summary		19
Debt Detail		20
Debt Maturities		21
Ground Leases		21
Supplemental Definitions		22

Forward-looking Statements

This presentation includes “forward looking statements” within the meaning of the federal securities laws. Forward-looking statements may be identified by the use of words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “contemplates,” “aims,” “continues,” “would” or “anticipates” or the negative of these words and phrases or similar words or phrases. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: (i) economic, market, political and social impact of, and uncertainty relating to, the COVID-19 pandemic; (ii) a failure of conditions or performance regarding any event or transaction described herein, (iii) resolution of legal proceedings involving the Company; (iv) reduced demand for office, multifamily or retail space, including as a result of the COVID-19 pandemic; (v) changes in our business strategy; (vi) changes in technology and market competition that affect utilization of our office, retail, Observatory, broadcast or other facilities; (vii) changes in domestic or international tourism, including due to health crises such as the COVID-19 pandemic, geopolitical events, including global hostilities, currency exchange rates, and/or competition from recently opened observatories in New York City, any or all of which may cause a decline in Observatory visitors; (viii) defaults on, early terminations of, or non-renewal of, leases by tenants; (ix) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the current phasing out of LIBOR; (x) declining real estate valuations and impairment charges; (xi) termination of our ground leases; (xii) changes in our ability to pay down, refinance, restructure or extend our indebtedness as it becomes due and potential limitations on our ability to borrow additional funds in compliance with drawdown conditions and financial covenants; (xiii) decreased rental rates or increased vacancy rates; (xiv) our failure to execute any newly planned capital project successfully or on the anticipated timeline or budget; (xv) difficulties in identifying and completing acquisitions; (xvi) risks related to any development project (including our Metro Tower potential development site); (xvii) impact of changes in governmental regulations, tax laws and rates and similar matters; (xviii) our failure to qualify as a REIT; (xix) environmental uncertainties and risks related to climate change, adverse weather conditions, rising sea levels and natural disasters; (xx) incurrence of taxable capital gain on disposition of an asset due to failure of use or compliance with a 1031 exchange program; and (xxi) accuracy of our methodologies and estimates regarding ESG metrics and goals, tenant willingness and ability to collaborate in reporting ESG metrics and meeting ESG goals, and impact of governmental regulation on our ESG efforts. For a further discussion of these and other factors that could impact the Company’s future results, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance. The Company disclaims any obligation to update or revise publicly any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events, or other changes after the date of this presentation, except as required by applicable law. Prospective investors should not place undue reliance on any forward-looking statements, which are based only on information currently available to the Company (or to third parties making the forward-looking statements).

Page 2

Fourth Quarter 2022

COMPANY PROFILE

Empire State Realty Trust, Inc., or the Company, is a leading real estate investment trust (REIT) that owns and manages a well-positioned property portfolio of office, retail and multifamily assets in Manhattan and the greater New York metropolitan area, including the Empire State Building, the world’s most famous building and its iconic, newly reimagined Observatory Experience.

BOARD OF DIRECTORS

Anthony E. Malkin	Chairman, President and Chief Executive Officer
Thomas J. DeRosa	Director, Chair of the Compensation and Human Capital Committee
Steven J. Gilbert	Director, Lead Independent Director
S. Michael Giliberto	Director, Chair of the Audit Committee
Patricia S. Han	Director
Grant H. Hill	Director
R. Paige Hood	Director, Chair of the Finance Committee
James D. Robinson IV	Director, Chair of the Nominating and Corporate Governance Committee

EXECUTIVE MANAGEMENT

Anthony E. Malkin	Chairman, President and Chief Executive Officer
Christina Chiu	Executive Vice President, Chief Operating Officer and Chief Financial Officer
Thomas P. Durels	Executive Vice President, Real Estate

COMPANY INFORMATION

Corporate Headquarters	Investor Relations	New York Stock Exchange
111 West 33rd Street, 12th Floor	IR@esrtreit.com	Trading Symbol: ESRT
New York, NY 10120
www.esrtreit.com
(212) 850-2600

RESEARCH COVERAGE

Bank of America Merrill Lynch	Camille Bonnel	(416) 369-2140	camille.bonnel@bofa.com
BMO Capital Markets Corp.	John Kim	(212)885-4115	jp.kim@bmo.com
BTIG	Thomas Catherwood	(212)738-6140	tcatherwood@btig.com
Citi	Michael Griffin	(212)816-5871	michael.a.griffin@citi.com
Evercore ISI	Steve Sakwa	(212)446-9462	steve.sakwa@evercoreisi.com
Green Street Advisors	Dylan Burzinski	(949)640-8780	dburzinski@greenstreetadvisors.com
KeyBanc Capital Markets	Todd Thomas	(917)368-2286	tthomas@key.com
Wells Fargo Securities, LLC	Blaine Heck	(443)263-6529	blaine.heck@wellsfargo.com
Wolfe Research	Andrew Rosivach	(646)582-9251	arosivach@wolferesearch.com

Page 3

Fourth Quarter 2022 Highlights (unaudited and dollars in thousands, except per share amounts)

	Three Months Ended
Office and Retail Metrics:	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Total rentable square footage		9,661,065			9,882,226			9,885,707			10,150,384			10,128,335
Percent occupied (1)		85.2	%		84.2	%		84.3	%		83.0	%		82.4	%
Percent leased (2)		88.6	%		88.5	%		87.8	%		87.0	%		85.7	%
Same Store Portfolio Cash Net Operating Income (NOI):
Manhattan office portfolio	$	61,913		$	57,257		$	80,367		$	63,799		$	62,125
Greater New York office portfolio		3,731			4,202			4,933			5,301			5,125
Standalone retail portfolio		753			1,315			1,932			2,272			2,054
Observatory		23,789			24,535			19,592			7,026			10,736
Total Same Store Cash NOI	$	90,186		$	87,309		$	106,824		$	78,398		$	80,040
Multifamily Metrics:
Number of multifamily properties		3			2			2			2			2
Total number of units		721			625			625			625			625
Percent occupied		96.3	%		98.4	%		98.4	%		97.6	%		96.4	%
Observatory Metrics:
Number of visitors (3)		660,000			687,000			573,000			269,000			360,000
Change in visitors year over year		83.3	%		169.4	%		253.7	%		427.5	%		554.5	%
Ratios at ESRT pro-rata share: (4)
Debt to Total Market Capitalization (5)		54.0	%		54.8	%		53.0	%		44.8	%		47.2	%
Net Debt to Total Market Capitalization (5)		50.9	%		50.2	%		48.7	%		39.8	%		42.2	%
Debt and Perpetual Preferred Units to
Total Market Capitalization (5)		56.1	%		57.0	%		55.1	%		46.5	%		49.0	%
Net Debt and Perpetual Preferred Units to
Total Market Capitalization (5)		53.1	%		52.6	%		51.0	%		41.6	%		44.2	%
Debt to Adjusted EBITDA (6)		6.5x			6.7x			6.9x			7.7x			8.2x
Net Debt to Adjusted EBITDA (6)		5.7x			5.6x			5.8x			6.3x			6.5x
Interest Coverage Ratio		3.7x			3.7x			5.1x			3.6x			3.9x
Core FFO Payout Ratio (7)		16	%		17	%		12	%		20	%		18	%
Core FAD Payout Ratio (8)		23	%		51	%		23	%		161	%		36	%
Core FFO per share—diluted	$	0.22		$	0.21		$	0.29		$	0.18		$	0.18
Diluted weighted average shares		265,370,000			267,121,000			270,085,000			273,759,000			276,207,000
Class A common stock price at quarter end	$	6.74		$	6.56		$	7.03		$	9.82		$	8.90
Average closing price	$	7.05		$	7.42		$	8.12		$	9.41		$	9.87
Dividends declared and paid per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035
Dividends per share—annualized	$	0.14		$	0.14		$	0.14		$	0.14		$	0.14
Dividend yield (9)		2.1	%		2.1	%		2.0	%		1.4	%		1.6	%
Series 2013 Private Perpetual Preferred Units outstanding ($16.62 liquidation value)		1,560,360			1,560,360			1,560,360			1,560,360			1,560,360
Series 2019 Private Perpetual Preferred Units outstanding ($13.52 liquidation value)		4,664,038			4,664,038			4,664,038			4,664,038			4,664,038
Class A common stock		160,140,263			160,576,042			162,689,535			168,731,507			169,221,263
Class B common stock		989,871			993,332			994,252			994,837			995,751
Operating partnership units		109,904,589			110,959,627			111,420,579			111,791,527			110,996,807
Total common stock and operating partnership units outstanding (10)		271,034,723			272,529,001			275,104,366			281,517,871			281,213,821

Notes:

(1) Based on leases signed and commenced as of end of period.

(2) Represents occupancy and includes signed leases not commenced.

(3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.

(4) Ratios are calculated including ESRT’s pro-rata 90% share of debt, interest, EBITDA and FFO at its joint venture properties.

(5) Market capitalization represents the sum of (i) Company’s common stock per share price as of December 31, 2022 multiplied by the total outstanding number of shares of common stock and operating partnership units as of December 31, 2022; (ii) the number of Series 2014 perpetual preferred units at December 31, 2022 multiplied by $16.62, (iii) the number of Series 2019 perpetual preferred units at December 31, 2022 multiplied by $13.52, and (iv) our outstanding indebtedness as of December 31, 2022.

(6) Calculated based on trailing 12 months Adjusted EBITDA.

(7) Represents the amount of Core FFO paid out in distributions.

(8) Represents the amount of Core FAD paid out in distributions.

(9) Based on the closing price per share of Class A common stock on December 31, 2022.

(10) Represents fully diluted common stock and operating partnership units as it includes unvested restricted stock and unvested LTIP units.

Page 4

Fourth Quarter 2022 Property Summary— Same Store ⁽¹⁾ Net Operating Income (“NOI”) by Quarter (unaudited and dollars in thousands)

	Twelve Months Ended			Three Months Ended
	December 31, 2022			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Same Store Portfolio
Revenues	$	551,966		$	138,097		$	138,981		$	138,988		$	135,900		$	137,498
Operating expenses		(267,031	)		(67,132	)		(71,102	)		(63,943	)		(64,854	)		(61,563	)
Same store property NOI		284,935			70,965			67,879			75,045			71,046			75,935
Straight-line rent		(24,279	)		(5,896	)		(7,235	)		(8,519	)		(2,629	)		(8,959	)
Above/below-market rent revenue amortization		(2,057	)		(630	)		(333	)		(554	)		(540	)		(280	)
Below-market ground lease amortization		7,831			1,958			1,957			1,958			1,958			1,958
Total same store property cash NOI—excluding lease termination fees	$	266,430		$	66,397		$	62,268		$	67,930		$	69,835		$	68,654
Percent change over prior year		(4.1	)%		(3.3	)%		(6.9	)%		(7.2	)%		1.0	%		(4.9	)%
Property cash NOI	$	266,430		$	66,397		$	62,268		$	67,930		$	69,835		$	68,654
Observatory cash NOI		74,942			23,789			24,535			19,592			7,026			10,736
Lease termination fees		20,032			—			—			18,859			1,173			281
Total portfolio same store cash NOI	$	361,404		$	90,186		$	86,803		$	106,381		$	78,034		$	79,671
Same Store Manhattan Office Portfolio (2)
Revenues	$	497,572		$	125,014		$	125,136		$	125,405		$	122,017		$	124,053
Operating expenses		(240,426	)		(60,332	)		(64,220	)		(57,403	)		(58,471	)		(55,256	)
Same store property NOI		257,146			64,682			60,916			68,002			63,546			68,797
Straight-line rent		(19,616	)		(4,097	)		(5,283	)		(7,898	)		(2,338	)		(8,401	)
Above/below-market rent revenue amortization		(2,057	)		(630	)		(333	)		(554	)		(540	)		(280	)
Below-market ground lease amortization		7,831			1,958			1,957			1,958			1,958			1,958
Total same store property cash NOI—excluding lease termination fees		243,304			61,913			57,257			61,508			62,626			62,074
Lease termination fees		20,032			—			—			18,859			1,173			51
Total same store property cash NOI	$	263,336		$	61,913		$	57,257		$	80,367		$	63,799		$	62,125
Same Store Greater New York Metropolitan Area Office Portfolio
Revenues	$	42,433		$	10,617		$	10,610		$	10,632		$	10,574		$	10,421
Operating expenses		(20,498	)		(5,196	)		(5,370	)		(5,056	)		(4,876	)		(4,895	)
Same store property NOI		21,935			5,421			5,240			5,576			5,698			5,526
Straight-line rent		(3,768	)		(1,690	)		(1,038	)		(643	)		(397	)		(631	)
Above/below-market rent revenue amortization		—			—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—			—
Total same store property cash NOI—excluding lease termination fees		18,167			3,731			4,202			4,933			5,301			4,895
Lease termination fees		—			—			—			—			—			230
Total same store property cash NOI	$	18,167		$	3,731		$	4,202		$	4,933		$	5,301		$	5,125
Same Store Standalone Retail Portfolio
Revenues	$	11,961		$	2,466		$	3,235		$	2,951		$	3,309		$	3,024
Operating expenses		(6,107	)		(1,604	)		(1,512	)		(1,484	)		(1,507	)		(1,412	)
Same store property NOI		5,854			862			1,723			1,467			1,802			1,612
Straight-line rent		(895	)		(109	)		(914	)		22			106			73
Above/below-market rent revenue amortization		—			—			—			—			—			—
Below-market ground lease amortization		—			—			—			—			—			—
Total same store property cash NOI—excluding lease termination fees		4,959			753			809			1,489			1,908			1,685
Lease termination fees		—			—			—			—			—			—
Total same store property cash NOI	$	4,959		$	753		$	809		$	1,489		$	1,908		$	1,685

Notes:

(1) Excludes multifamily properties, 383 Main Avenue, Norwalk CT, which was disposed of in April 2022, 10 Bank Street, White Plains, NY which was sold in December 2022, 500 Mamaroneck Ave, Harrison, NY which is held for sale, and 69-97 and 103-107 Main Street, Westport, CT which was sold on February 1, 2023.

(2) Includes 499,012 rentable square feet of retail space in the Company’s nine Manhattan office properties.

Page 5

Fourth Quarter 2022 Same Store Net Operating Income (“NOI”), Initial Cash Rent Contributing to Cash NOI (unaudited and dollars in thousands)

	Twelve Months Ended			Three Months Ended
Reconciliation of Net Income to Cash NOI and Same Store Cash NOI	December 31, 2022			December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Net income (loss)	$	63,212		$	21,620		$	10,118		$	48,695		$	(17,221	)	$	(4,074	)
Add:
General and administrative expenses		61,765			16,478			15,725			15,876			13,686			13,578
Depreciation and amortization		216,894			44,500			46,984			58,304			67,106			46,467
Interest expense		101,206			25,634			25,516			25,042			25,014			23,841
Income tax expense (benefit)		1,546			1,322			1,457			363			(1,596	)		1,537
Impairment charge		—			—			—			—			—			7,723
Less:
Gain on disposition of property		(33,988	)		(6,818	)		—			(27,170	)		—			—
Third-party management and other fees		(1,361	)		(336	)		(389	)		(326	)		(310	)		(302	)
Interest income		(4,948	)		(2,804	)		(1,564	)		(431	)		(149	)		(207	)
Net operating income		404,326			99,596			97,847			120,353			86,530			88,563
Straight-line rent		(24,562	)		(6,029	)		(7,341	)		(8,597	)		(2,595	)		(7,881	)
Above/below-market rent revenue amortization		(4,758	)		(622	)		(677	)		(1,675	)		(1,784	)		(280	)
Below-market ground lease amortization		7,831			1,958			1,957			1,958			1,958			1,958
Total cash NOI—including observatory and lease termination income		382,837			94,903			91,786			112,039			84,109			82,360
Less cash NOI from non-Same Store properties		(21,433	)		(4,717	)		(4,983	)		(5,658	)		(6,075	)		(2,689	)
Total Same Store cash NOI—including observatory and lease termination income		361,404			90,186			86,803			106,381			78,034			79,671
Less: observatory NOI		(74,942	)		(23,789	)		(24,535	)		(19,592	)		(7,026	)		(10,736	)
Less: Lease termination income		(20,032	)		—			—			(18,859	)		(1,173	)		(281	)
Total Same Store cash NOI—excluding observatory and lease termination income	$	266,430		$	66,397		$	62,268		$	67,930		$	69,835		$	68,654

Initial Cash Rent Contributing to Cash NOI in the Following Years From Burn-off of Free Rent and Signed Leases not Commenced

	Square Feet		Initial Annual Cash Rent		Initial Cash Rent Contributing to Cash NOI in the Following Years
Expected Cash Commencement					2023		2024		2025		2026		2027
First quarter 2023		124,346	$	6,121	$	5,547	$	6,121	$	6,121	$	5,935	$	5,748
Second quarter 2023		190,433		10,334		7,086		10,317		10,312		10,312		10,312
Third quarter 2023		329,405		17,400		6,535		17,400		17,400		17,400		17,389
Fourth quarter 2023		148,506		9,496		1,515		9,496		9,496		9,496		9,496
First quarter 2024		149,792		10,519		—		9,313		10,519		10,519		10,519
Second Quarter 2024		88,305		5,895		—		3,858		5,895		5,895		5,895
Third quarter 2024		35,574		2,256		—		865		2,256		2,256		2,256
Fourth quarter 2024		—		—		—		—		—		—		—
First quarter 2025		29,613		2,191		—		—		1,831		2,191		2,191
Third quarter 2025		21,262		1,318		—		—		437		1,318		1,318
		1,117,236	$	65,530	$	20,683	$	57,370	$	64,267	$	65,322	$	65,124

	Incremental Annual Cash Rent (1)		Initial Annual Cash Rent
					Initial Cash Rent Contributing to Cash NOI in the Following Years
4Q 2022					2023		2024		2025		2026		2027
Commenced leases in free rent period	$	30,811	$	36,666	$	15,837	$	36,275	$	36,644	$	36,458	$	36,260
Signed leases not commenced		23,595		28,864		4,846		21,095		27,623		28,864		28,864
	$	54,406	$	65,530	$	20,683	$	57,370	$	64,267	$	65,322	$	65,124

Notes:

(1) Reflects initial annual cash rent less annual cash rent from existing tenant in the space.

Page 6

Fourth Quarter 2022 Property Summary—Leasing Activity by Quarter (unaudited)

	Three Months Ended
	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Total Office and Retail Portfolio
Total leases executed		29			34			37			44			34
Weighted average lease term		5 years			7.9 years			10 years			8.7 years			11.2 years
Average free rent period		4.6 months			8.7 months			8.2 months			8.4 months			11.4 months
Office
Total square footage executed		142,828			294,016			316,949			317,633			368,854
Average starting cash rent psf—leases executed	$	55.46		$	52.35		$	60.28		$	54.75		$	56.88
Previously escalated cash rents psf	$	55.10		$	49.67		$	58.25		$	53.35		$	56.04
Percentage of new cash rent over previously escalated rents		0.7	%		5.0	%		3.5	%		2.6	%		1.5	%
Retail
Total square footage executed		1,498			41,366			3,276			1,013			6,066
Average starting cash rent psf—leases executed	$	262.60		$	137.72		$	115.08		$	120.81		$	256.52
Previously escalated cash rents psf	$	416.07		$	153.81		$	115.54		$	126.33		$	239.07
Percentage of new cash rent over previously escalated rents		(36.9	%)		(10.5	%)		(0.4	%)		(4.4	%)		7.3	%
Total Office and Retail Portfolio
Total square footage executed		144,326			335,382			320,225			318,646			374,920
Average starting cash rent psf—leases executed	$	57.66		$	63.01		$	60.86		$	54.96		$	60.17
Previously escalated cash rents psf	$	58.93		$	62.84		$	58.86		$	53.59		$	59.05
Percentage of new cash rent over previously escalated rents		(2.2	%)		0.3	%		3.4	%		2.6	%		1.9	%
Leasing commission costs per square foot	$	13.60		$	19.04		$	24.44		$	19.75		$	26.34
Tenant improvement costs per square foot		41.12			53.67			57.43			66.05			77.86
Total LC and TI per square foot (1)	$	54.72		$	72.71		$	81.87		$	85.80		$	104.20
Occupancy		85.2	%		84.2	%		84.3	%		83.0	%		82.4	%
Manhattan Office Portfolio
Total leases executed		22			21			27			29			24
Office—New Leases
Total square footage executed		75,182			94,467			159,970			215,560			257,693
Average starting cash rent psf—leases executed	$	62.95		$	59.97		$	67.84		$	59.80		$	60.25
Previously escalated cash rents psf	$	58.78		$	48.52		$	62.70		$	57.79		$	57.97
Percentage of new cash rent over previously escalated rents		7.1	%		23.6	%		8.2	%		3.5	%		3.9	%
Office—Renewal Leases
Total square footage executed		17,658			84,867			99,690			40,616			35,784
Average starting cash rent psf—leases executed	$	63.87		$	57.97		$	58.43		$	55.99		$	61.67
Previously escalated cash rents psf	$	65.80		$	59.37		$	58.28		$	54.00		$	63.61
Percentage of new cash rent over previously escalated rents		(2.9	%)		(2.3	%)		0.3	%		3.7	%		(3.0	%)
Total Manhattan Office Portfolio
Total square footage executed		92,840			179,334			259,660			256,176			293,477
Average starting cash rent psf—leases executed	$	63.12		$	59.02		$	64.23		$	59.19		$	60.43
Previously escalated cash rents psf	$	60.11		$	53.65		$	61.00		$	57.19		$	58.66
Percentage of new cash rent over previously escalated rents		5.0	%		10.0	%		5.3	%		3.5	%		3.0	%
Leasing commission costs per square foot	$	15.54		$	12.53		$	27.58		$	22.24		$	28.30
Tenant improvement costs per square foot		48.72			47.13			63.26			68.52			89.19
Total LC and TI per square foot (1)	$	64.26		$	59.66		$	90.84		$	90.76		$	117.50
Occupancy		86.0	%		84.7	%		84.0	%		83.9	%		83.9	%

Page 7

Fourth Quarter 2022 Property Summary—Leasing Activity by Quarter—(Continued) (unaudited)

	Three Months Ended
	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Greater New York Metropolitan Area Office Portfolio
Total leases executed		5			6			7			13			6
Total square footage executed		49,988			114,682			57,289			61,457			75,377
Average starting cash rent psf—leases executed	$	40.26		$	41.56		$	38.28		$	33.45		$	41.93
Previously escalated cash rents psf	$	45.15		$	43.75		$	42.91		$	34.92		$	44.99
Percentage of new cash rent over previously escalated rents		(10.8	%)		(5.0	%)		(10.8	%)		(4.2	%)		(6.8	%)
Leasing commission costs per square foot	$	6.31		$	12.89		$	10.96		$	9.13		$	13.10
Tenant improvement costs per square foot		25.53			61.75			34.32			56.86			29.45
Total LC and TI per square foot (1)	$	31.84		$	74.64		$	45.28		$	65.99		$	42.55
Occupancy		80.2	%		80.7	%		82.2	%		76.2	%		76.6	%
Retail Portfolio
Total leases executed		2			7			3			2			4
Total square footage executed		1,498			41,366			3,276			1,013			6,066
Average starting cash rent psf—leases executed	$	262.60		$	137.72		$	115.08		$	120.81		$	256.52
Previously escalated cash rents psf	$	416.07		$	153.81		$	115.54		$	126.33		$	2,399.07
Percentage of new cash rent over previously escalated rents		(36.9	%)		(10.5	%)		(0.4	%)		(4.4	%)		7.3	%
Leasing commission costs per square foot	$	136.80		$	64.33		$	10.93		$	35.14		$	96.11
Tenant improvement costs per square foot		90.32			59.57			—			—			130.80
Total LC and TI per square foot (1)	$	227.12		$	123.90		$	10.93		$	35.14		$	226.91
Occupancy		86.5	%		86.4	%		92.0	%		90.9	%		81.8	%
Multifamily Portfolio
Percent occupied		96.3	%		98.4	%		98.4	%		97.6	%		96.4	%
Total number of units		721			625			625			625			625

Notes:

(1) Presents all tenant improvement and leasing commission costs as if they were incurred in the period in which the lease was signed, which may be different than the period in which they were actually paid.

Page 8

Fourth Quarter 2022 Property Detail (unaudited)

Property Name	Location or Sub-Market	Rentable Square Feet (1)		Percent Occupied (2)			Percent Leased (3)			Annualized Rent (4)		Annualized Rent per Occupied Square Foot (5)		Number of Leases (6)
Manhattan Office Properties—Office
The Empire State Building (7)	Penn Station -Times Sq. South		2,714,737		82.4	%		84.6	%	$	141,668,705	$	63.34		144
One Grand Central Place	Grand Central		1,245,439		87.1	%		93.0	%		65,602,130		60.48		161
1400 Broadway (8)	Penn Station -Times Sq. South		916,579		94.0	%		100.0	%		47,963,370		55.64		18
111 West 33rd Street (9)	Penn Station -Times Sq. South		641,036		96.2	%		96.2	%		39,930,094		64.76		22
250 West 57th Street	Columbus Circle -West Side		466,642		84.8	%		85.5	%		24,667,590		62.32		33
501 Seventh Avenue	Penn Station -Times Sq. South		461,370		85.0	%		91.5	%		19,602,186		49.98		22
1359 Broadway	Penn Station -Times Sq. South		457,313		76.5	%		84.1	%		20,912,746		59.81		29
1350 Broadway (10)	Penn Station -Times Sq. South		373,003		83.2	%		86.5	%		18,650,756		60.13		51
1333 Broadway	Penn Station -Times Sq. South		296,360		90.0	%		90.0	%		15,621,885		58.55		14
Manhattan Office Properties—Office			7,572,479		86.0	%		89.6	%		394,619,464		60.58		494
Greater New York Metropolitan Area Office Properties
First Stamford Place (11)	Stamford, CT		776,386		75.8	%		76.2	%		25,161,553		42.74		43
Metro Center	Stamford, CT		284,786		81.8	%		81.8	%		13,209,172		56.72		21
500 Mamaroneck Avenue (12)	Harrison, NY		286,335		90.4	%		92.4	%		7,681,621		29.69		34
Sub-Total/Weighted Average Greater New York Metropolitan Area Office Properties			1,347,507		80.2	%		80.9	%		46,052,346		42.63		98
Manhattan Office Properties—Retail
The Empire State Building	Penn Station -Times Sq. South		91,554		76.6	%		76.6	%		6,920,076		98.62		12
One Grand Central Place	Grand Central		68,733		99.4	%		99.4	%		8,675,896		126.99		13
1400 Broadway (8)	Penn Station -Times Sq. South		18,618		75.1	%		75.1	%		1,471,265		105.24		6
112 West 34th Street (9)	Penn Station -Times Sq. South		93,057		96.4	%		100.0	%		22,875,282		255.04		3
250 West 57th Street	Columbus Circle -West Side		67,231		89.1	%		89.1	%		8,896,423		148.47		7
501 Seventh Avenue	Penn Station -Times Sq. South		34,564		73.2	%		73.2	%		1,609,862		63.64		6
1359 Broadway	Penn Station -Times Sq. South		27,467		68.9	%		88.4	%		1,079,511		57.01		4
1350 Broadway (10)	Penn Station -Times Sq. South		30,787		77.6	%		77.6	%		5,975,808		250.24		5
1333 Broadway	Penn Station -Times Sq. South		67,001		100.0	%		100.0	%		9,899,557		147.75		4
Manhattan Office Properties—Retail			499,012		87.6	%		89.4	%		67,403,680		154.17		60
Standalone Retail Properties
10 Union Square	Union Square		58,006		85.5	%		91.9	%		6,944,628		139.95		8
1542 Third Avenue	Upper East Side		56,250		100.0	%		100.0	%		2,652,308		47.15		4
1010 Third Avenue	Upper East Side		38,235		26.1	%		100.0	%		412,120		41.24		1
77 West 55th Street	Midtown		25,388		100.0	%		100.0	%		1,952,250		76.90		3
69-97 Main Street (13)	Westport, CT		16,874		100.0	%		100.0	%		1,866,809		110.63		5
103-107 Main Street (13)	Westport, CT		4,330		100.0	%		100.0	%		756,705		174.76		1
Sub-Total/Weighted Average Standalone Retail Properties			199,083		81.6	%		97.6	%		14,584,820		89.78		22
Multifamily Retail Properties
561 10th Avenue	Hudson Yards		28,919		94.9	%		100.0	%		2,395,101		87.27		2
345 East 94th Street	Upper East Side		3,700		100.0	%		100.0	%		247,782		66.97		1
298 Mulberry Street	NoHo		10,365		100.0	%		100.0	%		1,645,002		158.71		1
Sub-Total/Weighted Average Multifamily Retail Properties			42,984		96.6	%		100.0	%		4,287,885		103.30		4
Portfolio Total			9,661,065		85.2	%		88.6	%	$	526,948,195	$	63.98		678
Total/Weighted Average Office Properties			8,919,986		85.1	%		88.3	%	$	440,671,810	$	58.02		592
Total/Weighted Average Retail Properties			741,079		86.5	%		92.2	%		86,276,385		134.56		86
Portfolio Total			9,661,065		85.2	%		88.6	%	$	526,948,195	$	63.98		678

Notes:

(1) Excludes (i) 197,242 square feet of space across the Company’s portfolio attributable to building management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company’s observatory.

(2) Based on leases signed and commenced as of December 31, 2022.

(3) Based on leases signed but not commenced as of December 31, 2022.

(4) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(5) Represents annualized rent under leases commenced as of December 31, 2022 divided by occupied square feet.

(6) Represents the number of leases at each property or on a portfolio basis. If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(7) Includes 37,747 rentable square feet of space leased by the Company’s broadcasting tenants.

(8) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 41 years (expiring December 31, 2063).

(9) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 55 years (expiring May 31, 2077).

(10) Denotes a ground leasehold interest in the property with a remaining term, including unilateral extension rights available to the Company, of approximately 28 years (expiring July 31, 2050).

(11) First Stamford Place consists of three buildings.

(12) We have entered into an agreement to sell this property. The transaction is expected to close in the first quarter 2023.

(13) Property was sold on February 1, 2023.

Page 9

Fourth Quarter 2022 Total Portfolio Expirations and Vacates Summary (unaudited and in square feet)

	Actual		Forecast (1)
	Three Months Ended		Three Months Ended
Total Office and Retail Portfolio (2)	December 31, 2022		March 31, 2023			June 30, 2023			September 30, 2023			December 31, 2023		Full Year 2023			Full Year 2024
Total expirations		101,710		94,020			72,064			147,938			197,108		511,130			641,385
Less: broadcasting		—		(906	)		(309	)		(472	)		—		(1,687	)		(126	)
Office and retail expirations		101,710		93,114			71,755			147,466			197,108		509,443			641,259
Renewals & relocations (3)		20,558		25,038			22,627			50,485			20,763		118,913			172,100
New leases (4)		25,872		19,323			—			—			21,262		40,585			11,744
Vacates (5)		55,280		42,776			38,105			86,596			118,779		286,256			210,538
Unknown (6)		—		5,977			11,023			10,385			36,304		63,689			246,877
Total Office and Retail Portfolio expirations and vacates		101,710		93,114			71,755			147,466			197,108		509,443			641,259
Manhattan Office Portfolio
Total expirations		64,555		75,864			53,598			87,517			176,859		393,838			583,319
Less: broadcasting		—		(906	)		(309	)		(472	)		—		(1,687	)		(125	)
Office expirations		64,555		74,958			53,289			87,045			176,859		392,151			583,194
Renewals & relocations (3)		17,460		25,038			4,161			22,111			20,763		72,073			172,100
New leases (4)		9,285		19,323			—			—			21,262		40,585			11,744
Vacates (5)		37,810		27,767			38,105			54,549			118,779		239,200			194,066
Unknown (6)		—		2,830			11,023			10,385			16,055		40,293			205,284
Total expirations and vacates		64,555		74,958			53,289			87,045			176,859		392,151			583,194
Greater New York Metropolitan Area Office Portfolio
Office expirations		31,613		10,719			17,554			60,421			—		88,694			39,232
Renewals & relocations (3)		3,098		—			17,554			28,374			—		45,928			—
New leases (4)		15,000		—			—			—			—		—			—
Vacates (5)		13,515		7,572			—			32,047			—		39,619			10,884
Unknown (6)		—		3,147			—			—			—		3,147			28,348
Total expirations and vacates		31,613		10,719			17,554			60,421			—		88,694			39,232
Retail Portfolio (7)
Retail expirations		5,542		7,437			912			—			20,249		28,598			18,834
Renewals & relocations (3)		—		—			912			—			—		912			—
New leases (4)		1,587		—			—			—			—		—			—
Vacates (5)		3,955		7,437			—			—			—		7,437			5,588
Unknown (6)		—		—			—			—			20,249		20,249			13,246
Total expirations and vacates		5,542		7,437			912			—			20,249		28,598			18,834

Notes:

(1) These forecasts, which are subject to change, are based on management’s current expectations, including, among other things, discussions with and other information provided by tenants as well as management’s analyses of past historical trends.

(2) Any lease on month to month or short-term will re-appear in “Actual” in each period until tenant has vacated or renewed, and thus it would be double counted if periods were cumulated. “Forecast” avoids double counting.

(3) For forecasted periods, “Renewals & relocations” includes the following: tenants renew their existing leases in all or a portion of their current spaces; tenants which signed renewal leases for a term of less than six months and reappear in forecast periods in 2023; and tenants who move within a building or within the Company’s portfolio.

(4) For forecasted periods, “New Leases” represents leases that have been signed with a new tenant, a subtenant who signed a direct lease or a tenant who expanded. There may be downtime between the lease expiration and the new lease commencement.

(5) For forecasted periods, “Vacates” assumes a tenant elects not to renew at the end of their existing lease or exercises an early termination option; leases that the Company decides not to renew at the end of tenants’ existing lease due to anticipated future redevelopment or for other reasons. This also may include early lease terminations.

(6) For forecasted periods, “Unknown” represents tenants’ whose intention is unknown.

(7) Includes standalone and non-standalone retail.

Page 10

Fourth Quarter 2022 Tenant Lease Expirations (unaudited)

Total Office and Retail Lease Expirations	Number of Leases Expiring (1)		Rentable Square Feet Expiring (2)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (3)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		—		1,105,719		11.4	%	$	—		0.0	%	$	—
Signed leases not commenced		36		319,351		3.3	%		—		0.0	%		—
4Q 2022 (4)		17		51,771		0.5	%		2,077,733		0.4	%		40.13
Total 2022		17		51,771		0.5	%		2,077,733		0.4	%		40.13
1Q 2023		20		76,906		0.8	%		4,507,834		0.9	%		58.61
2Q 2023		21		72,064		0.7	%		4,028,406		0.8	%		55.90
3Q 2023		26		147,938		1.5	%		8,768,939		1.7	%		59.27
4Q 2023		22		197,108		2.0	%		12,971,767		2.5	%		65.81
Total 2023		89		494,016		5.1	%		30,276,946		5.7	%		61.29
2024		95		641,385		6.6	%		38,063,823		7.2	%		59.35
2025		83		523,666		5.4	%		34,354,748		6.5	%		65.60
2026		71		690,336		7.1	%		38,296,385		7.3	%		55.47
2027		89		716,550		7.4	%		44,105,885		8.4	%		61.55
2028		47		914,331		9.5	%		48,868,734		9.3	%		53.45
2029		47		962,150		10.0	%		70,258,628		13.3	%		73.02
2030		35		706,825		7.3	%		46,759,804		8.9	%		66.15
2031		23		171,061		1.8	%		20,665,463		3.9	%		120.81
2032		30		382,405		4.0	%		26,756,490		5.1	%		69.97
Thereafter		52		1,981,499		20.6	%		126,463,556		24.0	%		63.82
Total		714		9,661,065		100.0	%	$	526,948,195		100.0	%	$	63.98
Manhattan Office Properties (5)
Available		—		789,933		10.4	%	$	—		0.0	%	$	—
Signed leases not commenced		29		268,085		3.5	%		—		0.0	%		—
4Q 2022 (4)		10		33,457		0.4	%		1,838,529		0.5	%		54.95
Total 2022		10		33,457		0.4	%		1,838,529		0.5	%		54.95
1Q 2023		17		66,187		0.9	%		4,089,143		1.0	%		61.78
2Q 2023		18		53,598		0.7	%		3,270,146		0.8	%		61.01
3Q 2023		20		87,517		1.2	%		5,144,525		1.3	%		58.78
4Q 2023		20		176,859		2.3	%		11,106,813		2.8	%		62.80
Total 2023		75		384,161		5.1	%		23,610,627		6.0	%		61.46
2024		82		583,319		7.7	%		35,330,760		9.0	%		60.57
2025		61		372,985		4.9	%		24,405,244		6.2	%		65.43
2026		50		464,437		6.1	%		27,837,943		7.1	%		59.94
2027		66		571,936		7.6	%		32,887,868		8.3	%		57.50
2028		32		796,300		10.5	%		42,948,266		10.9	%		53.93
2029		33		724,521		9.6	%		43,731,139		11.1	%		60.36
2030		20		547,490		7.2	%		33,017,325		8.4	%		60.31
2031		11		82,182		1.1	%		5,782,918		1.5	%		70.37
2032		22		344,750		4.6	%		23,649,713		6.0	%		68.60
Thereafter		32		1,608,923		21.3	%		99,579,132		25.0	%		61.89
Total Manhattan office properties		523		7,572,479		100.0	%	$	394,619,464		100.0	%	$	60.58

Page 11

Fourth Quarter 2022 Tenant Lease Expirations (unaudited)

Greater New York Metropolitan Area Office Properties	Number of Leases Expiring (1)		Rentable Square Feet Expiring (2)		Percent of Portfolio Rentable Square Feet Expiring			Annualized Rent (3)		Percent of Annualized Rent			Annualized Rent Per Rentable Square Foot
Available		—		257,970		19.1	%	$	—		0.0	%	$	—
Signed leases not commenced		2		9,161		0.7	%		—		0.0	%		—
4Q 2022 (4)		5		6,922		0.5	%		60,189		0.1	%		8.70
Total 2022		5		6,922		0.5	%		60,189		0.1	%		8.70
1Q 2023		3		10,719		0.8	%		418,691		0.9	%		39.06
2Q 2023		2		17,554		1.3	%		698,260		1.5	%		39.78
3Q 2023		6		60,421		4.5	%		3,624,414		7.9	%		59.99
4Q 2023		—		—		0.0	%		—		0.0	%		—
Total 2023		11		88,694		6.6	%		4,741,365		10.3	%		53.46
2024		6		39,232		2.9	%		1,443,769		3.1	%		36.80
2025		17		127,930		9.5	%		5,378,016		11.7	%		42.04
2026		14		154,669		11.5	%		6,129,451		13.3	%		39.63
2027		16		88,575		6.6	%		3,679,727		8.0	%		41.54
2028		11		111,044		8.2	%		4,216,464		9.2	%		37.97
2029		6		130,748		9.7	%		5,928,349		12.9	%		45.34
2030		4		78,526		5.8	%		3,457,648		7.5	%		44.03
2031		2		5,176		0.4	%		153,755		0.3	%		29.71
2032		2		4,718		0.4	%		147,782		0.3	%		31.32
Thereafter		4		244,142		18.1	%		10,715,831		23.3	%		43.89
Total greater New York metropolitan area office properties		100		1,347,507		100.0	%	$	46,052,346		100.0	%	$	42.63
Retail Properties(6)
Available		—		57,816		7.8	%	$	—		0.0	%	$	—
Signed leases not commenced		5		42,105		5.7	%		—		0.0	%		—
4Q 2022 (4)		2		11,392		1.5	%		179,015		0.2	%		15.71
Total 2022		2		11,392		1.5	%		179,015		0.2	%		15.71
1Q 2023		—		—		0.0	%		—		0.0	%		—
2Q 2023		1		912		0.1	%		60,000		0.1	%		65.79
3Q 2023		—		—		0.0	%		—		0.0	%		—
4Q 2023		2		20,249		2.7	%		1,864,954		2.2	%		92.10
Total 2023		3		21,161		2.9	%		1,924,954		2.2	%		90.97
2024		7		18,834		2.5	%		1,289,294		1.5	%		68.46
2025		5		22,751		3.1	%		4,571,488		5.3	%		200.94
2026		7		71,230		9.6	%		4,328,991		5.0	%		60.77
2027		7		56,039		7.6	%		7,538,290		8.7	%		134.52
2028		4		6,987		0.9	%		1,704,004		2.0	%		243.88
2029		8		106,881		14.4	%		20,599,140		23.9	%		192.73
2030		11		80,809		10.9	%		10,284,831		11.9	%		127.27
2031		10		83,703		11.3	%		14,728,790		17.1	%		175.96
2032		6		32,937		4.4	%		2,958,995		3.4	%		89.84
Thereafter		16		128,434		17.4	%		16,168,593		18.8	%		125.89
Total retail properties		91		741,079		100.0	%	$	86,276,385		100.0	%	$	134.56

Notes:

(1) If a tenant has more than one lease, whether or not at the same property, but with different expirations, the number of leases is calculated equal to the number of leases with different expirations.

(2) Excludes (i) 197,242 rentable square feet of space across the Company portfolio attributable to building management use and tenant amenities and (ii) 80,225 square feet of space attributable to the Company’s observatory.

(3) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(4) Represents leases that are included in occupancy as of December 31, 2022 and expire on December 31, 2022.

(5) Excludes (i) retail space in the Manhattan office and (ii) the Empire State Building broadcasting licenses and observatory operations.

(6) Includes lease expirations of 69-97 and 103-107 Main Street, Westport, CT which were sold on February 1, 2023.

Page 12

Fourth Quarter 2022 20 Largest Tenants and Portfolio Tenant Diversification by Industry (unaudited)

20 Largest Tenants	Property	Lease Expiration (1)	Weighted Average Remaining Lease Term(2)		Total Occupied Square Feet (3)		Percent of Portfolio Rentable Square Feet (4)			Annualized Rent (5)		Percent of Portfolio Annualized Rent (6)
1. LinkedIn	Empire State Building	Aug. 2036		13.7 years		501,409		5.2	%	$	32,772,732		6.2	%
2. Signature Bank	1333 & 1400 Broadway	Jul. 2030 - Apr. 2035		12.1 years		308,207		3.2	%		18,175,128		3.4	%
3. PVH Corp.	501 Seventh Avenue	Oct. 2028		5.8 years		237,281		2.5	%		11,548,477		2.2	%
4. Centric Brands Inc.	Empire State Building	Oct. 2028		5.8 years		221,365		2.3	%		11,289,615		2.1	%
5. Sephora	112 West 34th Street	Jan. 2029		6.1 years		11,334		0.1	%		10,533,628		2.0	%
6. Li & Fung	1359 Broadway, ESB	Oct. 2023 - Oct. 2028		4.8 years		173,273		1.8	%		9,260,886		1.8	%
7. Target	112 West 34th St., 10 Union Sq.	Mar 2037 - Jan 2038		14.7 years		81,340		0.8	%		8,825,395		1.7	%
8. Macy’s	111 West 33rd Street	May 2030		7.4 years		131,117		1.4	%		8,382,100		1.6	%
9. Urban Outfitters	1333 Broadway	Sept. 2029		6.8 years		56,730		0.6	%		7,955,384		1.5	%
10. Coty	Empire State Bilding	Jan. 2030		7.1 years		156,187		1.6	%		7,950,113		1.5	%
11. Footlocker	112 West 34th Street	Sept. 2031		8.8 years		34,192		0.4	%		7,745,959		1.5	%
12. Federal Deposit Insurance Corp.	Empire State Building	Dec. 2024		2.0 years		119,226		1.2	%		7,567,274		1.4	%
13. HNTB Corporation	Empire State Building	Feb. 2029		6.2 years		105,143		1.1	%		6,982,050		1.3	%
14. The Michael J. Fox Foundation	111 West 33rd Street	Nov. 2029		6.9 years		86,492		0.9	%		6,219,167		1.2	%
15. Shutterstock	Empire State Building	Apr. 2029		6.3 years		104,386		1.1	%		6,087,598		1.2	%
16. Fragomen	1400 Broadway	Feb. 2035		12.2 years		107,680		1.1	%		5,922,400		1.1	%
17. Institutional Capital Network, Inc.	One Grand Central Place	Feb 2023 - Oct. 2035		9.8 years		89,300		0.9	%		5,617,792		1.1	%
18. ASCAP	250 West 57th Street	Aug. 2034		11.7 years		87,943		0.9	%		5,344,751		1.0	%
19. Duane Reade	ESB, 1350 Broadway	May 2025 - Sept. 2027		3.5 years		39,142		0.4	%		4,903,003		0.9	%
20. The Interpublic Group of Co’s, Inc.	111 West 33rd St & 1400 B’Way	Jul. 2024 - Feb. 2025		1.8 years		77,364		0.8	%		4,744,134		0.9	%
Total						2,729,111		28.3	%	$	187,827,586		35.6	%

Notes:

(1) Expiration dates are per lease and do not assume exercise of renewal or extension options. For tenants with more than two leases, the lease expiration is shown as a range.

(2) Represents the weighted average lease term based on annualized rent.

(3) Based on leases signed and commenced as of December 31, 2022.

(4) Represents the percentage of rentable square feet of the Company’s office and retail portfolios in the aggregate.

(5) Represents annualized base rent and current reimbursement for operating expenses and real estate taxes.

(6) Represents the percentage of annualized rent of the Company’s office and retail portfolios in the aggregate.

Portfolio Tenant Diversification by Industry (based on annualized rent)

Page 13

Fourth Quarter 2022 Capital Expenditures and Redevelopment Program and Leasing Opportunity (unaudited and dollars in thousands)

	Three Months Ended
Capital expenditures (1)	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Tenant improvements - first generation	$	6,024	$	1,493	$	3,502	$	4,096	$	3,007
Tenant improvements - second generation		8,867		20,329		23,163		24,457		13,000
Leasing commissions - second generation		4,721		10,182		5,043		15,051		3,950
Building improvements - first generation		2,530		868		1,992		1,966		612
Building improvements - second generation		6,837		7,986		7,248		7,640		7,874
Total	$	28,979	$	40,858	$	40,948	$	53,210	$	28,443

Leasing Opportunity—Inventory of Current Vacant Space as of December 31, 2022 (in square feet) ^(2) (3) 

Total Portfolio vacant space	1,425,000
Signed leases not commenced (“SLNC”):
Manhattan Office Properties SLNC	268,000
Greater New York Office Properties SLNC	9,000
Retail Properties SLNC	42,000
Redeveloped Manhattan Office space	640,000
Greater New York Office Properties space	258,000
Retail Properties space	58,000
Undeveloped Manhattan Office space	58,000
Space held off market	45,000
Other	47,000
Total	1,425,000

Notes:

(1) Excludes multifamily properties.

(2) These estimates are based on the Company’s current budgets and are subject to change.

(3) Redevelopment program is for the Manhattan office assets only. Square footage based on market measurement. Developed space includes space that has been demolished and completed asbestos abatement and available for lease up or ready to be prebuilt. Permanent building use spaces, amenity spaces and broadcasting spaces are excluded.

Page 14

Fourth Quarter 2022 Observatory Summary (unaudited and dollars in thousands)

			Three Months Ended
Observatory NOI	Twelve Months to Date		December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Observatory revenue (1)	$	105,978	$	32,318		$	33,051		$	27,368		$	13,241		$	17,716
Observatory expenses		31,036		8,529			8,516			7,776			6,215			6,980
NOI		74,942		23,789			24,535			19,592			7,026			10,736
Intercompany rent expense (2)		65,005		18,204			19,072			17,109			10,620			7,142
NOI after intercompany rent	$	9,937	$	5,585		$	5,463		$	2,483		$	(3,594	)	$	3,594
Observatory Metrics
Number of visitors (3)				660,000			687,000			573,000			269,000			360,000
Change in visitors year over year				83.3	%		169.4	%		253.7	%		427.5	%		554.5	%
Number of bad weather days (“BWD”) (4)				20			7			19			17			7

Notes:

(1) Observatory revenues include the fixed license fee received from WDFG North America, the observatory gift shop operator. For the three months ended December 31, 2022, September 30, 2022, June 30, 2022, March 31, 2022 and December 31, 2021, the fixed license fee was $1,200, $1,200, $1,200, $1,200 and $750 respectively.

(2) The observatory pays a market-based rent payment comprised of fixed and percentage rent to the Empire State Building. Intercompany rent is eliminated upon consolidation.

(3) Reflects the number of visitors who pass through the turnstile, excluding visitors who make a second visit on the same ticket at no additional charge.

(4) The Company defines a bad weather day as one in which the top of the Empire State Building is obscured from view for more than 50% of the day.

Annual Observatory NOI 2018 to 2022 YTD

Notes:

(1) The 102nd floor observatory was closed for approximately nine months in 2019 for renovations.

(2) Due to the COVID-19 pandemic, the observatory was closed on March 16, 2020. The 86th floor observatory reopened on July 20, 2020 and the 102nd floor observatory reopened on August 24, 2020.

(3) The observatory continued to experience a gradual recovery in visitors due to the COVID-19 pandemic.

Page 15

Fourth Quarter 2022 Condensed Consolidated Balance Sheets (unaudited and dollars in thousands)

Assets	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Commercial real estate properties, at cost:
Land	$	365,540		$	334,598		$	334,598		$	336,278		$	336,278
Development costs		8,166			8,162			8,162			8,162			8,131
Building and improvements		3,177,743			3,194,787			3,193,137			3,190,927			3,156,508
		3,551,449			3,537,547			3,535,897			3,535,367			3,500,917
Less: accumulated depreciation		(1,137,267	)		(1,159,364	)		(1,137,231	)		(1,124,090	)		(1,072,938	)
Commercial real estate properties, net		2,414,182			2,378,183			2,398,666			2,411,277			2,427,979
Assets held for sale		35,538			—			—			—			—
Cash and cash equivalents		264,434			387,248			359,424			429,716			423,695
Restricted cash		50,244			52,567			53,335			52,951			50,943
Tenant and other receivables		24,102			30,547			43,672			17,800			18,647
Deferred rent receivables		240,188			239,750			233,194			226,565			224,922
Prepaid expenses and other assets		98,114			72,905			82,256			52,152			76,549
Deferred costs, net		187,570			188,706			193,436			197,602			202,437
Acquired below-market ground leases, net		329,073			331,030			332,988			334,946			336,904
Right of use assets		28,670			28,725			28,781			28,842			28,892
Goodwill		491,479			491,479			491,479			491,479			491,479
Total assets	$	4,163,594		$	4,201,140		$	4,217,231		$	4,243,330		$	4,282,447
Liabilities and Equity
Mortgage notes payable, net	$	883,705		$	915,202		$	916,657		$	947,479		$	948,769
Senior unsecured notes, net		973,659			973,607			973,555			973,426			973,373
Unsecured term loan facility, net		388,773			388,645			388,507			388,365			388,223
Unsecured revolving credit facility, net		—			—			—			—			—
Accounts payable and accrued expenses		80,729			94,436			113,837			108,077			120,810
Acquired below-market leases, net		17,849			18,897			20,178			22,459			24,941
Ground lease liabilities		28,670			28,725			28,781			28,842			28,892
Deferred revenue and other liabilities		76,091			80,249			80,008			84,380			84,358
Tenants’ security deposits		25,084			27,550			29,615			28,270			28,749
Liabilities related to assets held for sale		5,943			—			—			—			—
Total liabilities		2,480,503			2,527,311			2,551,138			2,581,298			2,598,115
Total equity		1,683,091			1,673,829			1,666,093			1,662,032			1,684,332
Total liabilities and equity	$	4,163,594		$	4,201,140		$	4,217,231		$	4,243,330		$	4,282,447

Page 16

Fourth Quarter 2022 Condensed Consolidated Statements of Operations (unaudited and in thousands, except per share amounts)

	Three Months Ended
	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Revenues
Rental revenue (1)	$	145,905		$	148,290		$	149,339		$	147,514		$	139,104
Observatory revenue		32,318			33,051			27,368			13,241			17,716
Lease termination fees		—			—			18,859			1,173			281
Third party management and other fees		336			389			326			310			302
Other revenue and fees		2,714			1,982			2,130			1,796			2,931
Total revenues		181,273			183,712			198,022			164,034			160,334
Operating expenses
Property operating expenses		39,060			42,798			37,433			38,644			34,557
Ground rent expenses		2,332			2,331			2,332			2,331			2,332
General and administrative expenses		16,478			15,725			15,876			13,686			13,578
Observatory expenses		8,529			8,516			7,776			6,215			6,980
Real estate taxes		31,420			31,831			29,802			30,004			27,600
Impairment charge					—			—			—			7,723
Depreciation and amortization		44,500			46,984			58,304			67,106			46,467
Total operating expenses		142,319			148,185			151,523			157,986			139,237
Total operating income		38,954			35,527			46,499			6,048			21,097
Other income (expense)
Interest income		2,804			1,564			431			149			207
Interest expense		(25,634	)		(25,516	)		(25,042	)		(25,014	)		(23,841	)
Gain on sale/disposition of property		6,818			—			27,170			—			—
Income (loss) before income taxes		22,942			11,575			49,058			(18,817	)		(2,537	)
Income tax (expense) benefit		(1,322	)		(1,457	)		(363	)		1,596			(1,537	)
Net income (loss)		21,620			10,118			48,695			(17,221	)		(4,074	)
Net (income) loss attributable to noncontrolling interests:
Non-controlling interests in the Operating Partnership		(7,947	)		(3,560	)		(18,224	)		6,919			1,936
Non-controlling interests in other partnerships		(28	)		49			159			63			—
Private perpetual preferred unit distributions		(1,050	)		(1,050	)		(1,051	)		(1,050	)		(1,050	)
Net income (loss) attributable to common stockholders	$	12,595		$	5,557		$	29,579		$	(11,289	)	$	(3,188	)
Weighted average common shares outstanding
Basic		161,720			162,165			167,118			169,731			172,818
Diluted		265,370			267,121			270,085			273,759			276,207
Earnings per share attributable to common stockholders
Basic and diluted	$	0.08		$	0.03		$	0.18		$	(0.07	)	$	(0.02	)
Dividends per share	$	0.035		$	0.035		$	0.035		$	0.035		$	0.035

Note:

(1) The following table reflects the components of rental revenue.

	Three Months Ended
Rental Revenue	December 31, 2022		September 30, 2022		June 30, 2022		March 31, 2022		December 31, 2021
Base rent	$	131,745	$	131,800	$	134,794	$	133,401	$	125,880
Billed tenant expense reimbursement		14,160		16,490		14,545		14,113		13,224
Total rental revenue	$	145,905	$	148,290	$	149,339	$	147,514	$	139,104

The preceding table of the components of rental revenue is not, and is not intended to be, a presentation in accordance with GAAP. The Company believes this information is frequently used by management, investors, securities analysts and other interested parties to evaluate the Company’s performance.

Page 17

Fourth Quarter 2022 Funds from Operations (“FFO”), Modified Funds From Operations (“Modified  FFO”), Core Funds from Operations (“Core FFO”), Core Funds Available for Distribution (“Core  FAD”) and EBITDA (unaudited and in thousands, except per share amounts)

	Three Months Ended
Reconciliation of Net Income to FFO, Modified FFO and Core FFO	December 31, 2022			September 30, 2022			June 30, 2022			March 31, 2022			December 31, 2021
Net Income (loss)	$	21,620		$	10,118		$	48,695		$	(17,221	)	$	(4,074	)
Non-controlling interests in other partnerships		(28	)		49			159			63			—
Preferred unit distributions		(1,050	)		(1,050	)		(1,051	)		(1,050	)		(1,050	)
Real estate depreciation and amortization		43,076			45,461			56,571			65,414			45,211
Impairment charge		—			—			—			—			7,723
Gain on sale/disposition of property		(6,818	)		—			(27,170	)		—			—
FFO attributable to common stockholders and the Operating Partnership		56,800			54,578			77,204			47,206			47,810
Amortization of below-market ground lease		1,958			1,957			1,958			1,958			1,958
Modified FFO attributable to common stockholders and the Operating Partnership		58,758			56,535			79,162			49,164			49,768
Core FFO attributable to common stockholders and the Operating Partnership	$	58,758		$	56,535		$	79,162		$	49,164		$	49,768
Total weighted average shares and Operating Partnership units
Basic		263,759			266,035			270,078			273,759			276,207
Diluted		265,370			267,121			270,085			273,759			276,207
FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.22		$	0.21		$	0.29		$	0.17		$	0.17
Diluted	$	0.21		$	0.20		$	0.29		$	0.17		$	0.17
Modified FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.22		$	0.21		$	0.29		$	0.18		$	0.18
Diluted	$	0.22		$	0.21		$	0.29		$	0.18		$	0.18
Core FFO attributable to common stockholders and the Operating Partnership per share and unit
Basic	$	0.22		$	0.21		$	0.29		$	0.18		$	0.18
Diluted	$	0.22		$	0.21		$	0.29		$	0.18		$	0.18

Reconciliation of Core FFO to Core FAD

Core FFO	$	58,758		$	56,535		$	79,162		$	49,164		$	49,768
Add:
Amortization of deferred financing costs		1,096			1,156			1,270			1,421			1,136
Non-real estate depreciation and amortization		1,285			1,303			1,285			1,264			1,257
Amortization of non-cash compensation expense		5,412			5,374			5,765			4,460			4,843
Amortization of loss on interest rate derivative		1,525			1,524			1,528			1,529			1,529
Deduct:
Straight-line rental revenues		(6,029	)		(7,341	)		(8,597	)		(2,595	)		(7,881	)
Above/below-market rent revenue amortization		(622	)		(677	)		(1,675	)		(1,784	)		(280	)
Corporate capital expenditures		(162	)		(242	)		(302	)		(241	)		(183	)
Tenant improvements—second generation		(8,867	)		(20,329	)		(23,163	)		(24,457	)		(13,000	)
Building improvements—second generation		(6,837	)		(7,986	)		(7,248	)		(7,640	)		(7,874	)
Leasing commissions—second generation		(4,721	)		(10,182	)		(5,043	)		(15,051	)		(3,950	)
Core FAD	$	40,838		$	19,135		$	42,982		$	6,070		$	25,365

Reconciliation of Net Income to EBITDA and Adjusted EBITDA

Net income (loss)	$	21,620		$	10,118	$	48,695		$	(17,221	)	$	(4,074	)
Interest expense		25,634			25,516		25,042			25,014			23,841
Income tax expense (benefit)		1,322			1,457		363			(1,596	)		1,537
Depreciation and amortization		44,500			46,984		58,304			67,106			46,467
EBITDA		93,076			84,075		132,404			73,303			67,771
Impairment charge		—			—		—			—			7,723
Gain on disposal of property		(6,818	)		—		(27,170	)
Adjusted EBITDA	$	86,258		$	84,075	$	105,234		$	73,303		$	75,494

Page 18

Fourth Quarter 2022 Debt Summary (unaudited and dollars in thousands)

	December 31, 2022										September 30, 2022
	Balance					Weighted Average					Balance			ESRT Pro-rata Share		Weighted Average
Debt Summary				ESRT Pro-rata Share		Interest Rate			Maturity (Years)							Interest Rate			Maturity (Years)
Fixed rate mortgage debt	$	900,630		$	882,292		3.77	%		7.0	$	933,088		$	914,696		3.78	%		7.3
Senior unsecured notes		975,000			975,000		4.05	%		7.2		975,000			975,000		4.05	%		7.4
Unsecured term loan facilities (1)		390,000			390,000		3.93	%		3.0		390,000			390,000		3.93	%		3.3
Total fixed rate debt		2,265,630			2,247,292		3.94	%		6.4		2,298,088			2,279,696		3.94	%		6.7
Unsecured term loan facilities (2)		—			—		—			—		—			—		—			—
Unsecured revolving credit facilities		—			—		—			2.3		—			—		—			2.6
Total variable rate debt		—			—		—			2.3		—			—		—			2.6
Total debt		2,265,630			2,247,292		3.94	%		6.4		2,298,088			2,279,696		3.94	%		6.7
Deferred financing costs, net		(11,748	)									(12,694	)
Debt discount		(7,745	)									(7,940	)
Total	$	2,246,137									$	2,277,454

Available Capacity	Facility		Outstanding at December 31, 2022		Letters of Credit		Available Capacity
Unsecured revolving credit facility (3)	$	850,000	$	—	$	—	$	850,000

Covenant Summary	Required			Current Quarter			In Compliance
Maximum Total Leverage(4)		< 60	%		35.6	%		Yes
Maximum Secured Leverage (4)		< 40	%		14.0	%		Yes
Minimum Fixed Charge Coverage		> 1.50	x		2.8x			Yes
Minimum Unencumbered Interest Coverage		> 1.75	x		5.0x			Yes
Maximum Unsecured Leverage (4)		< 60	%		25.8	%		Yes

Notes:

(1) SOFR is fixed at 2.562% for $175 million and 2.626% for $215 million under variable to fixed interest rate swap agreements, through debt maturity.

(2) As of December 31, 2022, each of our unsecured term loan facilities are fixed under variable to fixed interest rate swap agreements.

(3) The unsecured revolving credit and term loan facilities have an accordion feature allowing for an increase in maximum aggregate principal balance to $1.5 billion under certain circumstances. This unsecured revolving credit facility matures in March 2025 with two additional six-month extension options.

(4) Represents the ratio of total indebtedness to total asset value as determined in accordance with the credit facility agreement.

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Fourth Quarter 2022 Debt Detail (unaudited and dollars in thousands)

	Stated Interest Rate (%)			Effective Interest Rate (%) (1)			Principal Balance			ESRT Pro-rata Share					Maturity Date	Amortization
										Percent			Amount
Fixed rate mortgage debt:
Metro Center		3.59	%		3.67	%	$	82,596			100	%	$	82,596	11/5/2024	30 years
10 Union Square		3.70	%		3.97	%		50,000			100	%		50,000	4/1/2026	Interest only
1542 Third Avenue		4.29	%		4.53	%		30,000			100	%		30,000	5/1/2027	Interest only
First Stamford Place (2)		4.28	%		4.73	%		178,823			100	%		178,823	7/1/2027	5 years interest only; 30 years thereafter
1010 Third Avenue & 77 West 55th St.		4.01	%		4.21	%		35,831			100	%		35,831	1/5/2028	30 years
250 West 57th Street		2.83	%		3.21	%		180,000			100	%		180,000	12/1/2030	Interest only
1333 Broadway		4.21	%		4.29	%		160,000			100	%		160,000	2/5/2033	Interest only
345 East 94th Street - Series A		70% of LIBOR plus 0.95	%		3.56	%		43,600			90	%		39,240	11/1/2030	Interest only
345 East 94th Street - Series B		LIBOR plus 2.24	%		3.56	%		7,865			90	%		7,079	11/1/2030	30 years
561 10th Avenue - Series A		70% of LIBOR plus 1.07	%		3.85	%		114,500			90	%		103,050	11/1/2033	Interest only
561 10th Avenue - Series B		LIBOR plus 2.45	%		3.85	%		17,415			90	%		15,674	11/1/2033	30 years
Total fixed rate mortgage debt								900,630						882,292
Unsecured term loan facility (3)		SOFR plus 1.20	%		4.22	%		215,000			100	%		215,000	3/19/2025	Interest only
Unsecured revolving credit facility (3)		SOFR plus 1.30	%		—			—			100	%		—	3/31/2025	Interest only
Unsecured term loan facility (3)		SOFR plus 1.50	%		4.51	%		175,000			100	%		175,000	12/31/2026	Interest only
Senior unsecured notes:											100	%		—
Series A		3.93	%		3.96	%		100,000			100	%		100,000	3/27/2025	Interest only
Series B		4.09	%		4.12	%		125,000			100	%		125,000	3/27/2027	Interest only
Series C		4.18	%		4.21	%		125,000			100	%		125,000	3/27/2030	Interest only
Series D		4.08	%		4.11	%		115,000			100	%		115,000	1/22/2028	Interest only
Series E		4.26	%		4.27	%		160,000			100	%		160,000	3/22/2030	Interest only
Series F		4.44	%		4.45	%		175,000			100	%		175,000	3/22/2033	Interest only
Series G		3.61	%		4.89	%		100,000			100	%		100,000	3/17/2032	Interest only
Series H		3.73	%		5.00	%		75,000			100	%		75,000	3/17/2035	Interest only
Total / weighted average debt		3.94	%		4.20	%		2,265,630					$	2,247,292
Deferred financing costs, net								(11,748	)
Debt discount								(7,745	)
Total							$	2,246,137

Notes:

(1) The effective interest rate is composed of the stated interest rate, deferred financing cost amortization and interest associated with variable to fixed interest rate swap agreements.

(2) Represents a $164 million mortgage loan bearing interest at 4.09% and a $14.8 million mortgage loan bearing interest at 6.25%.

(3) As of August 29, 2022, the benchmark index interest rate was converted from LIBOR to SOFR, plus a benchmark adjustment of 10.0 basis points.

Page 20

Fourth Quarter 2022 Debt Maturities and Ground Lease Commitments (unaudited and dollars in thousands)

Year	Maturities (1)		Amortization		Total			ESRT Pro-rata Share		Percentage of Total Debt			Weighted Average Interest Rate of Maturing Debt
2023	$	—	$	8,632	$	8,632		$	8,405		0.4	%		n/a
2024		77,675		8,861		86,536			86,288		3.8	%		3.59	%
2025		315,000		6,893		321,893			321,621		14.3	%		3.86	%
2026		225,000		7,330		232,330			232,033		10.3	%		3.98	%
2027		319,000		6,461		325,461			325,136		14.5	%		4.21	%
2028		146,092		3,556		149,648			149,292		6.6	%		4.06	%
2029		—		3,988		3,988			3,589		0.2	%		n/a
2030		508,600		4,413		513,013			508,212		22.6	%		3.67	%
2031		—		3,283		3,283			2,955		0.1	%		n/a
2032		100,000		3,591		103,591			103,232		4.6	%		4.05	%
Thereafter		514,007		3,248		517,255			506,531		22.5	%		4.13	%
Total debt	$	2,205,374	$	60,256		2,265,630		$	2,247,293		100.0	%		3.94	%
Deferred financing costs, net						(11,748	)
Debt discount						(7,745	)
Total					$	2,246,137

Debt Maturity Profile ⁽²⁾

Ground Lease Commitments ⁽³⁾

Year	1350 Broadway (4)		1400 Broadway (5)		111 West 33rd Street (6)		Total
2023	$	108	$	675	$	735	$	1,518
2024		108		675		735		1,518
2025		108		675		735		1,518
2026		93		675		735		1,503
2027		72		675		735		1,482
Thereafter		1,656		24,300		36,321		62,277
	$	2,145	$	27,675	$	39,996	$	69,816

Notes:

(1) Assumes no extension options are exercised.

(2) The table reflects ESRT’s pro-rata share of debt maturities.

(3) There are no fair value market resets, no step-ups, and no escalations in the three ground lease commitments.

(4) Expires July 31, 2050 with a remaining term, including unilateral extension rights available to the Company, of approximately 28 years.

(5) Expires December 31, 2063 with a remaining term, including unilateral extension rights available to the Company, of approximately 41 years.

(6) Expires May 31, 2077 with a remaining term, including unilateral extension rights available to the Company, of approximately 55 years.

Page 21

Fourth Quarter 2022 Supplemental Definitions

Funds From Operations (“FFO”)

We compute FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts, or NAREIT, which defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment writedowns of investments in depreciable real estate and investments in in-substance real estate investments, gains or losses from debt restructurings and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to non-controlling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. FFO is a widely recognized non-GAAP financial measure for REITs that we believe, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, we believe FFO is useful to investors as it captures features particular to real estate performance by recognizing that real estate has generally appreciated over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, along with GAAP net income, when trying to understand an equity REIT’s operating performance. We present FFO because we consider it an important supplemental measure of our operating performance and believe that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results of operations, the utility of FFO as a measure of its performance is limited. There can be no assurance that FFO presented by us is comparable to similarly titled measures of other REITs. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

Modified Funds From Operations (“Modified FFO”)

Modified FFO adds back an adjustment for any above or below-market ground lease amortization to traditionally defined FFO. We believe this a useful supplemental measure in evaluating our operating performance due to the non-cash accounting treatment under GAAP, which stems from the third quarter 2014 acquisition of two option properties following our formation transactions as they carry significantly below market ground leases, the amortization of which is material to our overall results. We present Modified FFO because we believe it is an important supplemental measure of our operating performance in that it adds back the non-cash amortization of below-market ground leases. There can be no assurance that Modified FFO presented by us is comparable to similarly titled measures of other REITs. Modified FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Modified FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions.

Core Funds From Operations (“Core FFO”)

Core FFO adds back to Modified FFO the following items: loss on early extinguishment of debt, acquisition expenses, severance expenses and IPO litigation expense. The Company believes Core FFO is an important supplemental measure of its operating performance because it excludes non-recurring items. There can be no assurance that Core FFO presented by the Company is comparable to similarly titled measures of other REITs. Core FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. In future periods, we may also exclude other items from Core FFO that we believe may help

Core Funds Available for Distribution (“Core FAD”)

In addition to Core FFO, we present Core FAD by (i) adding to Core FFO non-real estate depreciation and amortization, the amortization of deferred financing costs, amortization of debt discounts and non-cash compensation expenses and (ii) deducting straight line rent, recurring second generation leasing commissions, tenant improvements, prebuilts, capital expenditures, furniture, fixtures & equipment, amortization of debt premiums and above/below market rent revenue. Core FAD is presented solely as a supplemental disclosure that we believe provides useful information regarding our ability to fund our dividends. Core FAD does not represent cash generated from operating activities and should not be considered as an alternative to net income (loss) determined in accordance with GAAP or to cash flow from operating activities determined in accordance with GAAP. Core FAD is not indicative of cash available to fund ongoing cash needs., including the ability to make cash distributions. There can be no assurance that Core FAD presented by us is comparable to similarly titled measures of other REITs.

Net Operating Income (“NOI”)

NOI is a non-GAAP financial measure of performance. NOI is used by our management to evaluate and compare the performance of our properties and to determine trends in earnings and to compute the fair value of our properties as it is not affected by; (i) the cost of funds of the property owner, (ii) the impact of depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets that are included in net income computed in accordance with GAAP, (iii) acquisition expenses, impairment charges, loss on early extinguishment of debt and loss from derivative financial instruments or (iv) general and administrative expenses and other gains and losses that are specific to the property owner. The cost of funds is eliminated from net operating income because it is specific to the particular financing capabilities and constraints of the owner. The cost of funds is also eliminated because it is dependent on historical interest rates and other costs of capital as well as past decisions made by us regarding the appropriate mix of capital which may have changed or may change in the future. Depreciation and amortization expenses as well as gains or losses from the sale of operating real estate assets are eliminated because they may not accurately represent the actual change in value in our office or retail properties that result from use of the properties or changes in market conditions. While certain aspects of real property do decline in value over time in a manner that is reasonably captured by depreciation and amortization, the value of the properties as a whole have historically increased or decreased as a result of changes in overall economic conditions instead of from actual use of the property or the passage of time. Gains and losses from the sale of real property vary from property to property and are affected by market conditions at the time of sale which will usually change from period to period. These gains and losses can create distortions when comparing one period to another or when comparing our operating results to the operating results of other real estate companies that have not made similarly timed, purchases or sales. We believe that eliminating these costs from net income is useful to investors because the resulting measure captures the actual revenue, generated and actual expenses incurred in operating our properties as well as trends in occupancy rates, rental rates and operating costs. However, the usefulness of NOI is limited because it excludes general and administrative costs, interest expense, depreciation and amortization expense and gains or losses from the sale of properties, and other gains and losses as stipulated by GAAP, the level of capital expenditures and leasing costs necessary to maintain the operating performance of our properties, all of which are significant economic costs. NOI may fail to capture significant trends in these components of net income which further limits its usefulness. NOI is a measure of the operating performance of our properties but does not measure our performance as a whole. NOI is therefore not a substitute for net income as computed in accordance with GAAP. This measure should be analyzed in conjunction with net income computed in accordance with GAAP. Other companies may use different methods for calculating NOI or similarly titled measures and, accordingly, our NOI may not be comparable to similarly titled measures reported by other companies that do not define the measure exactly as we do.

Same Store Net Operating Income (“SSNOI”)

In addition to NOI, we present Same Store NOI. Our Same Store portfolio excludes our multifamily assets and includes all of our properties owned and included in our portfoli for all periods presented. It does not include properties held-for-sale or those properties which we otherwise expect to dispose of in the subsequent quarte

EBITDA and Adjusted EBITDA

We compute EBITDA as net income plus interest expense, income taxes and depreciation. We present EBITDA because we believe that EBITDA, along with cash flow from operating activities, investing activities and financing activities, provides investors with an additional indicator of its ability to incur and service debt. EBITDA should not be considered as an alternative to net income (determined in accordance with GAAP), as an indication of our financial performance, as an alternative to net cash flows from operating activities (determined in accordance with GAAP), or as a measure of its liquidity. For adjusted EBITDA, we add back impairment charges and gain on disposition of property.

Page 22